Business exchanges compared: nexxt-change, the WKO exchange and private platforms

The most important business exchanges in the DACH region are the publicly operated portals nexxt-change (Germany) and the WKO succession exchange (Austria), as well as private platforms such as the Deutsche Unternehmerbörse (DUB). Public exchanges are free of charge for those listing; DUB also states, by its own account, that the seller's listing is free, and it finances itself through a brokerage fee on the buyer side. No exchange replaces valuation, buyer screening and negotiation.

Buyers who are searching and do not want to merely browse listings will find the guided route under Buying a company. How we support owners with succession planning is described on our service page; the overview for Germany is at Business succession in Germany.

How an exchange works in principle — listing, anonymisation, process — is explained in Company exchange. This article compares the specific portals and puts into context which route suits which business. All portal details were retrieved on 01.10.2026 from the portal pages themselves; they are self-reported statements by the operators, not independently verified market data.

Which business exchange is the right one?

There is no generally best exchange. Small, easily transferable businesses with a regional circle of buyers start pragmatically on the public exchange of their country (nexxt-change in Germany, the WKO succession exchange in Austria). The larger, more specialised or more in need of explanation a company is, the less an open listing achieves, and the more a targeted, discreet approach by an advisor counts. The question is therefore not “which portal”, but “is a marketplace enough for my business at all”.

The public exchanges

nexxt-change is the German business succession exchange which, according to the portal, is operated by the Federal Ministry for Economic Affairs. The portal advertises that listings can be placed “securely, free of charge and anonymously”. As key figures it cites 22,300 successfully initiated matches since 2006 and 431 regional partners (industry and crafts, banking) that offer free support in the succession process. Important for context: “initiated matches” are contacts that the portal initiated, not completed company sales, and the portal publishes no purchase price for them. Source: nexxt-change.org, retrieved on 01.10.2026.

The WKO succession exchange is the Austrian counterpart run by the economic chambers. Listings are free of charge, and the person listing chooses whether the listing appears with company data or anonymised. The process is formally regulated: entry via nachfolgeboerse.at, choice of category (handover or takeover), user account, create listing, approval by the competent state chamber, then going online for six months with extension possible as often as desired. The handover listing is open to WKO members; non-members can place a takeover request. Source: WKO, succession exchange — how it works, retrieved on 01.10.2026. Because the state chamber reviews every listing, you should allow for a lead time until publication; the page names no fixed duration.

What unites both: free of charge, no commercial self-interest on the operator's part, good for regionally transferable businesses — and both are public marketplaces, not advice.

The private platforms

The Deutsche Unternehmerbörse (DUB) describes itself as “Europe's leading platform for business succession”. According to the information on dub.de (retrieved on 01.10.2026), listings and interaction with interested parties are free for sellers and sales advisors; on the buyer side, search and contacting are free, and a brokerage fee of 2 % arises only on successful completion. Also cited are more than 5,000 listings per year, more than 90,000 registered buyers and an average of eight enquiries per listing. These are self-reported figures without independent evidence; to which base the 2 % relates, you should clarify in the portal's terms before using it.

An earlier version of this article described private platforms in general as fee-charging for the seller. For DUB this does not apply according to its current self-presentation; the question of cost has to be checked for each portal, also because pricing models change.

Besides these there are further commercial marketplaces and industry portals. Their usefulness depends on whether the buyer base active there matches your business. That is worth a short check before every listing: who actually buys there, what fee arises when, and who sees the listing?

The covert channels

Not every takeover runs through an exchange. Larger and more complex companies mostly change owner through the buyer networks of M&A advisors and banks. These channels cannot be viewed publicly, but they are discreet and targeted: only a few carefully selected interested parties are approached. What the comparison between an exchange and a guided process means for the price is covered in Succession exchange or M&A advisor. You will find our own platform for anonymised profiles in the succession exchange.

The comparison at a glance

Criterion	nexxt-change	WKO succession exchange	DUB (private)	Advisor network
Operator	Federal Ministry for Economic Affairs according to the portal, regional partners	Economic chambers of Austria	privately run	M&A advisor / bank
Cost to seller	free	free	free according to the portal	fee + success commission
Cost to buyer	free	free	2 % only on completion according to the portal	generally via the seller
Approval	review via regional partners	review by state chamber	portal review according to self-reporting	not applicable
Anonymity	anonymous listing possible	selectable: company data or anonymous	discreet handling according to the portal	fully covert
Duration	not measured	6 months, extendable	not measured	mandate term
Suits	small, regional businesses	Austrian SMEs	businesses with a broader circle of buyers	larger, complex sales

Status of the portal details: 01.10.2026. “Not measured” means: the portals give no verifiable figure for this.

How anonymous is a listing really?

The portal can anonymise, but only the content decides whether the business remains recognisable. Check a listing against these points before publication:

1. Location: region rather than municipality; for small places the district or the federal state.
2. Revenue and employees: ranges rather than exact figures.
3. Unique selling points: do not name special products, brands or patents; a single rare feature is enough for competitors to identify it.
4. Year of foundation and legal form: decade rather than year.
5. Customer structure: no mention of major customers.
6. Who sees enquiries? A central address, not the management's mailbox.

A constructed example for illustration: a mechanical engineering business in a small municipality writes “leading manufacturer of special machines for the packaging of food, founded 1987, 34 employees”. For three competitors and two suppliers in the region, the business is thereby clearly recognisable, although no name is mentioned. The defused version “manufacturer of machines for the food industry, several decades in the market, 25 to 50 employees” remains informative for genuine interested parties and no longer openly exposes the business. The critical point remains anonymity on every exchange: a listing that is described too precisely gives the business away and endangers the trust of employees, customers and suppliers.

Which exchange for which business?

For small, easily transferable businesses with a regional circle of buyers — crafts, hospitality, retail — a public exchange is the pragmatic first step: free of charge, reputable, visible. Austrian businesses start with the WKO succession exchange, German ones with nexxt-change; the two portals do not exclude each other, and an additional listing on a private platform is also possible, as long as anonymity is handled equally strictly in every listing.

The larger, more specialised or more in need of explanation a company is, the less the suitable buyer is found through a public listing. Then a targeted approach with staged release of information counts. Whether a business falls into this category also depends on the expected value; a first indication is given by the company value calculator, a robust basis by a sound company valuation. The entire process through to closing is described in Selling a company.

Questions and answers

Which business exchange is the best?

There is no generally best one — it depends on the business. For regional SMEs, the free public exchanges (nexxt-change in Germany, the WKO succession exchange in Austria) are the best starting point. For larger sales, curated approach counts for more than the exchange.

What does a listing on a business exchange cost?

On nexxt-change and the WKO succession exchange, a listing is free of charge. DUB also states, by its own account, that the seller's listing is free and charges a brokerage fee of 2 % on the buyer side on completion. Other private platforms may charge fees; the amount differs by portal and package and has to be checked in the terms before listing.

Is a listing on a business exchange anonymous?

Yes, a listing can be anonymised — you reveal yourself only after first contact and a confidentiality agreement. With the WKO succession exchange you choose expressly between company data and anonymous presentation. Anonymity holds, however, only if the profile is worded so generally that the business is not identifiable.

How long does a listing run on the WKO succession exchange?

Six months after approval by the competent state chamber, after which it can be extended as often as desired (source: WKO, retrieved on 01.10.2026).

Exchange or M&A advisor — which brings a higher purchase price?

For small regional businesses the exchange can be enough. For larger or complex companies, a guided process with genuine buyer competition usually lifts the price more than a single listing could. We have no documented figure on this; the statement rests on process logic, not on a statistic.

The best succession begins years before closing. Speak early and confidentially with IGCP Capital Partners — independent, discreet, on equal terms. → igcp.at

Those who search specifically for companies for sale — buyers as well as sellers sounding out the market — will find an editorial overview of public and non-public channels in the article Companies for sale.

This article does not replace legal advice. Status of the details and sources: 1 October 2026.